The US$ is looking a bit weak ahead of Tuesday’s Fed Chair Powell testimony so watch this event to see if it shifts sentiment at all. Regular readers will recall how I warn that trading is better off shorter-term charts when the FX Indices are stuck in the 4hr and or daily Cloud and this has been born out again last session; the recent Gold move was best charted off the 30 min time frame or lower.

 

NB: recall that I am away from tomorrow for a few days and so updates will be brief and few during this period.

 

Data: watch for any impact from the Fed Chair Powell testimony:

 

Earnings:

 

DXY daily: watch for any Cloud and TL b/O:

 

% stocks >200 MA: the turn setting in?

 

Growth versus Value: a Bull Flag brewing?

 

Trend line breakouts:

Gold: the weaker US$ helped here.

Gold 4hr: back above $1,800 and revised TL to monitor::

 

Gold 30 min: this breakout might have been best caught by Asian b/o traders!

 

EUR/USD 4hr: a new TL b/o and above the monthly 200 EMA so watch for any push to 1.22; especially if the US$ weakens:

 

AUD/USD 4hr: a TL b/o above the 0.79 level so watch for any push to 0.80; especially if the US$ weakens:

 

AUD/JPY 4hr: a TL b/o above the 83 level so watch for any push to 84:

 

NZD/USD 4hr: a TL b/o above the 0.73 level so watch for any push to 0.74 ; especially if the US$ weakens:

 

GBP/USD 4hr: a hold above the 1.40  level so watch for any break above 1.41; especially if the US$ weakens:

 

Other markets:

S&P500 4hr: consolidating near 3,900:

 

ASX-200 4hr: consolidating near 6,800:

 

USD/JPY 4hr: messy but watch revised TL for any new b/o:

 

GBP/JPY 4hr: watch 148 and revised TL for any new b/o: